01 Dec 2022
A survey carried out by the Confederation of British Industry (CBI) has revealed that business confidence has continued to deteriorate across the UK services sector.
Confidence amongst firms in the services sector deteriorated in the last quarter, the CBI found. According to the business group the decline was 'particularly sharp' in business and professional services, where sentiment fell at the fastest pace since May 2020.
The survey also showed that profitability declined in the three months to November.
Commenting on the findings, Charlotte Dendy, Head of Economic Surveys at the CBI, said: 'Strong cost and price pressures are continuing to hurt services firms, damaging optimism and investment intentions and hitting profitability.
'While firms welcomed aspects of the Autumn Statement, the sector is looking for longer-term measures from government to spur business investment and bolster confidence into 2023 and beyond. In particular, firms want government to focus on growth by fighting inflation and the recession together.'